https://www.taxtmi.com/caselaws?id=381008 The Tribunal upheld the addition of Rs. 86,87,139/- under section 69 of the Income Tax Act, 1961, in a case where the assessee failed to adequately explain the source of funds for a loan given to M/s. Winner Garments Pvt. Limited. The claimed advances from seven parties were deemed not genuine, as the parties lacked the financial capacity to provide such advances. The Tribunal concluded that the assessee did not provide credible evidence to establish the creditworthiness and genuineness of the creditors, leading to the dismissal of the appeal. en-us Wed, 29 May 2019 00:00:00 +0530 Sat, 01 Jun 2019 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381008 The Tribunal upheld the addition of Rs. 86,87,139/- under section 69 of the Income Tax Act, 1961, in a case where the assessee failed to adequately explain the source of funds for a loan given to M/s. Winner Garments Pvt. Limited. The claimed advances from seven parties were deemed not genuine, as the parties lacked the financial capacity to provide such advances. The Tribunal concluded that the assessee did not provide credible evidence to establish the creditworthiness and genuineness of the creditors, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 29 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381008